2019 (4) TMI 955

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.... For The Respondent : Dr. K Shivram, Senior Counsel i/by Mr. Sameer G Dalal ORDER P.C.:- 1 This Appeal is filed by the Revenue challenging the Judgment of the Income Tax Tribunal (for short "Tribunal) . 2 The questions framed in this Appeal relate to the applicability of Explanation to Section 73 of the Income Tax Act, 1961 in relation to the RespondentAssessee which is a limited com....

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....the material before us. In the case under consideration the asseessee had acquired shares of RNRL, Reliance Capital Ltd., Reliance Communications Ltd, and Reliance Industries Ltd. And the profit arising out of sale proceeds of these shares was shown under the head LTCG. Shares of first two companies and the last company i.e. except the shares of Reliance Communications Ltd.) were acquired in the m....

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....ive in nature with special reference to Explanation 73 of the Act was not an issue at all. We therefore do not permit the Revenue to raise such a contention for first time in this Appeal before the High Court since this issue can at the be considered as one of the facts and law. The second thing which emerges from the Judgment of the Tribunal is that the Tribunal had noted relevant facts applying ....